Since our inception, DOVU has evolved significantly. Where we initially worked on incentivising green travel, we’ve now validated that the way we can most meaningfully make a dent in the fight against climate change is to focus on carbon removals.
And to do this through web3.
This is our vision.
Introducing our vision
This blog is the first in a series dedicated to delving deeper into the DOVU vision. The series will break our vision up into easy-to-digest elements. In particular, we’ll be exploring a lot of work on incentive structure, sustainable economies and simulations.
We’ve built three main products over the last year:
All of this is alongside the existence of our utility token, DOV.
We want to share our thinking about where these products are going – and how DOV comes into play. This diagram of the token engineering vision is what we’re calling a ‘mini whitepaper on a page.’
What does this all mean?
Let’s take a look.
Carbon Market Cap
This section focuses on the process of updating debt and token balance while slowly venting them. There’s a need and a desire for carbon (debt and credits) to be tokenised. When we see huge debt figures attached to Ethereum projects (as tracked by the Carbon Market Cap), it’s clear why. Tokenisation effectively turns carbon into emission tokens, and companies have the ability to carry their own debt.
Offset mining is the process in which carbon debt is tokenised and paid down in a distributed fashion. Community members have the ability to pay off their own debts, as well as to contribute to paying down the debt from projects that they support. As a response to the community helping to reduce a project’s carbon footprint, and as an incentive to continue to support in this way, companies can offer rewards, tokens or NFTs.
This is where we are now.
In December we released the Carbon Market, and it’s something that we’re continuing to work on. Our current focus is to improve the carbon onboarding process so that we can most efficiently bring quality carbon to the platform. The next step is the Guardian integration, where we’ll use Hedera’s tools to form our audit trail. This ensures that there’s proof attached to the creation and life of our carbon removal credits, complete with an auditable trail.
The calculator was never intended to be ‘just’ a calculator. Here, we’re especially excited to tease the fact that we have ambitions to turn DOVU into a DAO (this is something we’ll be sharing more around in the coming weeks – watch this space).
The most significant thing to mention now is that the calculator will be a critical tool for our planned DAO distribution event this year. It will reward interactions with other ESG projects on the Ethereum network.
We want to hear from everyone in the DOVU community regarding the future of tokenised offsets. Additionally, we want to reward everyone for contributing to the project. It gives us the power to share ideas, build proof of concepts, and open-source our DeFi work into the Hedera ecosystem.
It’s incredible to us that there isn’t a modernised, globally used standard for carbon yet. We plan to solve this problem with our credits. Our vision is that anyone will be able to use DOV as a mechanism to redeem for carbon offsetting – and to do so instantly at the point of purchase – through Redemption APIs.
We see a future where $DOV is the unit of unretired carbon value.
DeFi for the real-world
And, in addition to the token engineering work, we also want to help farmers build passive income streams beyond carbon storage. Since there are physical limitations to the amount of carbon that can be stored in soil we’re thinking about concepts such as self-repaying DeFi loans. This could potentially be a passive income stream for farmers once they have fully accounted for their carbon stores. And we’re always thinking about how we can do even more.
Our ideas are bold. Our mission is strong. Explore and stand with us.